First Direct looks to be leading the current account race in the wake of seven-day switching as its strong reputation for service and £125 cash incentive are winning over customers.

There was a 200 per cent surge in customers comparing current accounts on uswitch.com in the four days after Monday’s launch of a service to speed up account switches.

Customers have been spurred on by the multi-million pound advertising campaigns of the big banks and the cash perks that many are offering to win business. Moving your account previously took up to 30 days, but banks and building societies representing